Esoteric testing market is witnessing speedy growth supported by the growing demand for improved diagnostics, rising cases of chronic diseases on global scale, and technological improvements like mass spectrometry and NGS sequencing. The leading factors comprise the growing integration of AI in testing procedures and the increasing shift and demand for personalized medicine. The global market is also impacted by escalated healthcare investments and an emphasis on rare diseases. The developing markets are notably impacting this growth, thus creating new avenues for testing providers.
Global Esoteric Testing Market size was valued at USD 32.69 billion in 2023 to USD 63.25 billion by 2031, growing at a CAGR of 8.60% during the forecast period (2024-2031).
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The emergence of tailored plans and pharmacogenomics are the leading trends seen in the market. There is an increased interest in the development of personalized treatment plans depending on personal genetic profiles. This is considerably driving the need for specialized testing methods that comply with these strategies. Also, testing methods that study how genes impact an individual’s drug response are gaining prominence, resulting in enhanced and value-based medicine regimens. Also, these tests are witnessing expansion for genetic and rare diseases and infectious diseases. The esoteric testing market is experiencing growth in tests made for genetic and rate illnesses, supported by growing patient demand and improvements in genetic research.
Improvements in Remote Testing and Telehealth to Spur Market Growth
Home testing solutions and integration with telehealth platforms is widely seen in the current market scenario. The development of home-based specimen collection has gained huge popularity with improved access to esoteric tests. The companies engaged are now offering their consumers technologies and tools for sample collection to be sent to labs for analysis. Several esoteric testing providers are actively collaborating with telehealth platforms to provide smooth consultations and provide interpretation, which improve accessibility for patients to dedicated training. Businesses are also making alliances to improve their testing competencies and increase geographic reach. Partnerships between research institutes, pharmaceutical companies, and diagnostic firms are nurturing modernizations in testing.
In December 2023, ARUP Laboratories and Medicover joined hands to increase the accessibility of a novel gene therapy and the novel companion diagnostic and therapy to individuals in the European Union. This partnership will offer healthcare and diagnostic services in Europe and increase the performance of testing at any of the centers in Germany for all the regional countries.
In May 2024, Foundation Medicine, Inc. introduced FoundationOne®RNA. This is a tissue-enabled RNA sequencing for detecting cancer-associated fusion in 318 genes. This technology allows reporting fusions in solid tumors and will be accessible to detect fusions in specific cancer types.
In September 2024, OPKO Health Incorporation and Labcorp finished the acquisition of elective assets belonging to BioReference Health, an owned subsidiary of OPKO. This acquisition is expected to offer physicians, patients, and customers with improved access to exhaustive and quality laboratory services, expanded testing, and scientific expertise in the region.
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Esoteric Testing Market Segmental Analysis:
Type
Infectious Disease Testing
Oncology Testing
Endocrinology Testing
Genetic Testing
Toxicology Testing
Immunology Testing
Neurology Testing
Other Testing
Technology
Enzyme-Linked Immunosorbent Assay
Chemiluminescence Immunoassay
Mass Spectrometry
Real Time Polymerase Chain Reaction
DNA Sequencing
Flow Cytometry
Other Technologies
End User
Hospital-Based Laboratories
Independent and Reference Laboratories
Others
Top Player’s Company Profiles:
LabCorp
Quest Diagnostics
OPKO Health, Inc.
H.U. Group Holdings, Inc.
Sonic Healthcare Limited
Mayo Foundation for Medical Education and Research (MFMER)
Eurofins Scientific
Stanford Health Care
Kindstar Globalgene Technology, Inc.
Georgia Esoteric & Molecular Laboratory, LLC
ACM Global Laboratories
NMS Labs
Healthquest Esoterics
Cerba Xpert
Leolabs, Inc.
Flow Health
Invitae Corporation
Myriad Genetics, Inc.
Arup Laboratories
Fulgent Genetics
Biomontr Labs
Labgenomics
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Focus on Personalized Medicine and Precise Diagnostics Will Majorly Transform Market in Future
These recent and ongoing advancements indicate an evolving and dynamic market, fueled by innovations in technologies like NGS sequencing, growing consumer demands, and extensive healthcare landscape. The emphasis on precise diagnostics and personalized medicine will further continue to shape the market. Also, expansion of testing services, integration of AI, and growth of remote testing solutions are remarkable, allowing continued growth of the market in the future.
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